Understand the Rental Job Lifecycle and Statuses

Overview #

A rental job moves through a series of stages from initial planning to final return and closure.

Its status tells users where the job is in that lifecycle and what action may be required next. Accurate statuses help AssetIQ users understand whether assets are planned, allocated, dispatched, active, overdue, returned or available for further work.

The exact statuses and available transitions depend on your organisation’s AssetIQ configuration.

Important: A status should represent what has actually happened. Do not mark an asset as dispatched before it leaves your control or returned before it has been physically received.

What is the rental job lifecycle? #

The rental job lifecycle is the sequence of activities used to manage a rental from creation through completion.

A typical lifecycle includes:

1. Create the rental job
2. Enter the recipient, location and rental dates
3. Add and allocate assets
4. Check asset availability
5. Confirm the rental
6. Prepare the assets
7. Dispatch the assets
8. Manage the active rental
9. Extend or update the rental if required
10. Receive and inspect returned assets
11. Record damage, missing items or follow-up work
12. Close the rental job

Not every organisation uses every stage, and the status names shown in your AssetIQ environment may be different.

Why statuses are important #

Accurate rental statuses help users:

• Understand the current stage of each job
• Identify rentals requiring action
• Determine whether assets have been dispatched
• Monitor planned and overdue returns
• Recognise partially returned jobs
• Prevent premature asset reallocation
• Coordinate operations and maintenance
• Maintain accurate asset history
• Produce reliable rental reports
• Distinguish active work from completed or cancelled jobs

Incorrect statuses can cause asset conflicts, missed returns and unreliable reporting.

Typical rental-job statuses #

The following table shows common lifecycle stages. These are general examples rather than a guaranteed list of AssetIQ options.

Status	General meaning	Typical next action
Draft	The rental job is being prepared and is not yet confirmed	Complete details and add assets
Pending	The rental requires review, approval or additional information	Review and confirm the job
Confirmed	The rental has been accepted and its assets are planned	Prepare assets for dispatch
Scheduled	The job is planned for a future rental period	Monitor dates and prepare assets
Ready for Dispatch	Required preparation has been completed	Verify and dispatch the assets
Dispatched	One or more assets have left your control	Confirm the rental has started
Active	The rental is underway	Monitor use and planned return
Partially Returned	Some, but not all, expected assets have returned	Follow up on outstanding items
Overdue	One or more assets remain out beyond their planned return date	Contact the responsible party and update the job
Returned	All expected assets have been received	Complete condition checks and follow-up
Completed	Rental processing and required close-out activities are finished	Retain the record as history
Cancelled	The rental will not proceed	Record the reason and release allocations

Use the exact status names and meanings defined by your organisation.

A typical lifecycle #

A straightforward rental may follow this sequence:

Stage	Rental status	What is happening
Planning	Draft	Job details are entered
Allocation	Pending or Confirmed	Assets are selected and availability is checked
Preparation	Scheduled or Ready for Dispatch	Assets are prepared and inspected
Release	Dispatched	Assets leave the organisation’s control
Use	Active	Assets are in use at the rental location
Receipt	Returned	Assets are physically received
Close-out	Completed	Condition, findings and related actions are reviewed

A more complex job may include partial dispatches, extensions, substitutions or partial returns.

Draft #

A rental job is usually in Draft while its details are being prepared.

At this stage, users may still need to:

• Select the customer, project or recipient
• Enter the rental location
• Confirm the rental dates
• Add assets and accessories
• Check availability
• Enter delivery or collection information
• Attach supporting documents
• Obtain approval

A draft should not normally be treated as a confirmed commitment.

Before moving it forward, confirm that the required information is complete.

Pending #

A Pending status may mean that the rental is awaiting:

• Approval
• Confirmation
• Asset allocation
• Customer information
• Commercial documentation
• Availability review
• Another required decision

Review the rental record to identify the outstanding requirement.

Do not leave a rental in a generic pending state without recording what must happen next.

Confirmed or Scheduled #

A Confirmed or Scheduled rental indicates that the rental is expected to proceed.

Before confirming it, check:

• Recipient and location
• Planned dates
• Allocated assets
• Asset availability
• Required approvals
• Delivery or collection arrangements
• Maintenance conflicts
• Inspection requirements
• Included components and accessories

Confirmation may reserve the allocated assets for the rental period, depending on the AssetIQ configuration.

Ready for Dispatch #

Ready for Dispatch indicates that the asset preparation process has been completed or is sufficiently advanced for release.

Before using this status, confirm that:

• The correct assets have been selected
• Required inspections have been completed
• Assets are safe and operational
• Components and accessories are recorded
• Dispatch documentation is ready
• Delivery or collection arrangements are confirmed
• No unresolved restriction prevents release

Do not use this status merely because the planned start date has arrived.

Dispatched #

An asset is Dispatched when it has physically left your organisation’s control or has been formally handed over.

When recording dispatch:

• Confirm the correct asset
• Record the actual dispatch date and time
• Record the receiving party where required
• Confirm the destination
• Record condition and meter readings
• Verify included accessories
• Retain handover evidence
• Update the rental status

Do not record planned dispatch as actual dispatch.

Active #

An Active rental is underway and has one or more assets currently supplied to the recipient or rental location.

During an active rental, authorised users may need to:

• Monitor the planned return date
• Record extensions
• Update authorised contact or location details
• Respond to faults or damage
• Arrange replacement assets
• Record partial returns
• Confirm operational restrictions
• Follow up on overdue equipment

An active status does not guarantee that the asset is operational. A rented asset may also be under repair, restricted or awaiting assessment.

Partially Returned #

Use Partially Returned when some assets or required components have returned but others remain outstanding.

For example:

Rental contents	Return position
Crane	Returned
Lifting attachment	Returned
Remote control	Outstanding
Battery charger	Outstanding

The rental job should remain open until all expected assets and accessories are accounted for or an authorised exception is completed.

When a partial return occurs:

1. Record each returned item separately.
2. Record its actual return date.
3. Check its condition.
4. Identify outstanding items.
5. Update the job status.
6. Contact the responsible party where required.
7. Continue monitoring the remaining rental items.

Overdue #

A rental becomes Overdue when an expected return date has passed and one or more assets remain outstanding.

When reviewing an overdue rental:

1. Confirm the planned return date.
2. Check whether an extension was approved but not recorded.
3. Confirm which assets remain out.
4. Contact the responsible person.
5. Record the latest information.
6. Update the expected return date only when authorised.
7. Check for scheduling or maintenance conflicts.
8. Escalate according to organisational procedures.

Do not change the planned date merely to remove the overdue status. Record approved extensions through the correct process.

Returned #

Use Returned when the expected assets have been physically received.

Before recording an asset as returned:

• Confirm its identity
• Record the actual return date and time
• Verify the return location
• Check components and accessories
• Record meter readings where applicable
• Assess its condition
• Document damage or missing items
• Determine whether inspection or maintenance is required

Returned does not automatically mean available.

An asset may still require:

• Cleaning
• Inspection
• Maintenance
• Repair
• Testing
• Replenishment
• Approval before reuse

Completed #

A Completed rental has finished its operational close-out process.

Before completing the job, confirm that:

• All assets have been returned or accounted for
• Return details are recorded
• Components and accessories are accounted for
• Condition checks are complete
• Damage and defects are documented
• Corrective actions or work orders have been created
• Outstanding exceptions have been authorised
• Required records are attached
• Final review is complete

Completing the rental should not close unresolved maintenance work or conceal missing equipment.

Cancelled #

Use Cancelled when the rental will not proceed.

Before cancelling:

1. Confirm that no assets have been dispatched.
2. Record the cancellation reason.
3. Release allocated or reserved assets.
4. Notify affected users.
5. Review related bookings or plans.
6. Retain the cancellation history.

Do not delete a confirmed rental solely because it was cancelled. Retaining the record helps preserve planning and allocation history.

If assets have already been dispatched, follow the return and closure process rather than treating the job as a simple cancellation.

Job-level versus asset-level status #

A rental job can contain several assets at different lifecycle stages.

For example:

Rental job	Asset	Asset status
Active	Crane CRN-0042	Dispatched
Active	Attachment ATT-011	Dispatched
Active	Generator GEN-006	Ready for Dispatch
Active	Radio set RAD-004	Returned

The overall job status provides a summary. The individual asset status provides the operational detail.

Review both levels when:

• Dispatching assets in stages
• Recording substitutions
• Processing partial returns
• Following up on missing accessories
• Closing the rental job

Asset status versus rental status #

The master asset status and rental status also have different purposes.

Status type	What it describes	Example
Rental status	Where the item is in the rental process	Active rental
Asset operational status	Whether the asset can be used	Under repair
Asset lifecycle status	Long-term position in its lifecycle	Active, retired or disposed
Maintenance status	Progress of required work	Work order in progress

An asset can be part of an active rental while temporarily under repair.

Do not assume that a rental status automatically updates every other status unless this behaviour has been confirmed in your AssetIQ environment.

Planned dates versus actual dates #

Statuses should be supported by accurate dates.

Date	Purpose
Planned start date	When the rental is expected to begin
Actual dispatch date	When the asset physically leaves
Planned return date	When the asset is expected back
Extended return date	Approved revised return date
Actual return date	When the asset is physically received
Completion date	When rental close-out is finished

Keep original planned dates where AssetIQ provides separate actual or revised fields.

Accurate dates support utilisation analysis, overdue monitoring and audit history.

Status changes caused by events #

Where possible, update statuses through the relevant business action.

For example:

Business event	Expected status effect
Rental confirmed	Draft or Pending → Confirmed
Asset prepared	Confirmed → Ready for Dispatch
Dispatch recorded	Ready for Dispatch → Dispatched or Active
Some assets returned	Active → Partially Returned
Planned return date passes	Active → Overdue
All assets received	Active or Overdue → Returned
Close-out completed	Returned → Completed
Rental cancelled before dispatch	Draft or Confirmed → Cancelled

This approach keeps the status aligned with the underlying operational record.

Avoid manually changing a status without completing the related action when AssetIQ provides a dedicated workflow.

Extensions and status #

An approved extension normally changes the expected return date without ending the active rental.

Before recording an extension:

• Confirm approval
• Enter the revised date
• Check future asset commitments
• Check scheduled maintenance
• Record the reason
• Notify affected users
• Confirm that the rental is no longer incorrectly shown as overdue

See Extend or Update an Active Rental.

Asset substitution and status #

If an allocated asset must be replaced:

1. Record why the original asset cannot be supplied or continue.
2. Confirm the replacement asset is suitable and available.
3. Remove or return the original asset through the correct process.
4. Add the replacement asset.
5. Record its dispatch details.
6. Preserve the history of both assets.

Do not overwrite the original asset reference in a way that removes its rental history.

Reopening a completed rental #

A completed rental should only be reopened through an authorised process.

Reopening may be necessary when:

• A return was recorded against the wrong asset
• An accessory was later found to be missing
• Damage was discovered during post-return inspection
• The actual return date was incorrect
• Required close-out information was omitted

If reopening is unavailable, contact your AssetIQ administrator and follow the approved correction process.

The reason and history of any correction should remain traceable.

Common issues #

The expected status is unavailable #

The rental may not meet the conditions for that transition, or your role may lack permission.

Review required fields, asset-level statuses and workflow actions. Contact your AssetIQ administrator if necessary.

The rental remains in Draft #

Check whether required details, assets, dates or approval information are missing.

The rental shows Active before dispatch #

Review the dispatch records and actual dates. Correct the workflow through the authorised process rather than entering misleading dates.

A returned asset still appears rented #

Confirm that the return was saved against the correct asset and that all required return steps were completed.

The job cannot be completed #

Check for:

• Assets not returned
• Missing accessories
• Incomplete return information
• Open validation messages
• Unresolved exceptions
• Required approvals
• Incomplete close-out fields

The rental appears overdue after an extension #

Confirm that the revised return date was saved and approved correctly.

A completed asset is still unavailable #

The asset may require inspection, maintenance or a separate availability update before it can be rented again.

The wrong status was selected #

Correct it through the available workflow before further activity occurs. If the status cannot be changed, contact your AssetIQ administrator.

Recommended practices #

When managing rental statuses:

• Use the status that reflects the actual operational position
• Complete the related business action before changing status
• Review both job-level and asset-level statuses
• Record actual dates accurately
• Preserve original planned dates
• Record extensions through the proper process
• Monitor overdue rentals promptly
• Record partial returns individually
• Do not treat returned assets as automatically available
• Retain cancelled rental history
• Complete jobs only after all assets are accounted for
• Keep corrections and re-openings traceable

Next steps #

Continue with:

• Create a Rental Job
• Add and Allocate Assets to a Rental Job
• Check Asset Availability and Resolve Conflicts
• Dispatch Assets and Start a Rental
• Extend or Update an Active Rental
• Return Assets and Record Their Condition
• Close a Rental Job

For a general introduction, see Introduction to Rental Management.